BlackRock to manage $80B in Citi Wealth assets

September 8, 2025 • FinTech News

Citi has finalized a major agreement with BlackRock, transferring management of $80 billion in client assets from its wealth division. This significant partnership, set to begin in the fourth quarter, represents one of the largest such deals in global wealth management history.

Through this collaboration, BlackRock will provide customized portfolios for thousands of Citi Wealth clients across more than 100 countries. The asset manager will leverage its extensive investment expertise to serve these clients. As part of this transition, Citi Investment Management employees will join BlackRock as portfolio managers. This move brings Citi’s internal talent into BlackRock’s organizational structure.

Technology Access and Enhanced Capabilities

The partnership also provides Citi private bankers and investment managers with access to BlackRock’s Aladdin Wealth technology. This platform combines portfolio analytics, risk management, and data insights in a single system. Consequently, this access is expected to strengthen Citi’s advisory capabilities significantly. Furthermore, it will help scale personalized investment strategies for the bank’s global customer base.

Andy Sieg, Citi’s Head of Wealth, emphasized the benefits of this collaboration. He stated that it combines Citi’s client-focused advice with BlackRock’s technology-driven investment solutions. “This partnership brings together the sophisticated relationship-driven advice of our bankers with the renowned expertise and innovation of BlackRock,” Sieg noted. He added that this combination is backed by Citi’s Chief Investment Office.

Strategic Context and Future Implications

This agreement follows Citi’s August 2025 announcement regarding blockchain-based real-time transactions with Payoneer. Together, these moves demonstrate Citi’s push to modernize both its wealth management and payments infrastructure. The bank is showing a clear commitment to developing future-ready financial services.

With BlackRock’s technology and investment power now supporting its operations, Citi is positioning itself for stronger competition in the global wealth market. The partnership aims to provide clients with deeper customization, greater transparency, and improved performance-driven outcomes. This strategic alignment with one of the world’s largest asset managers represents a significant step in Citi’s ongoing transformation of its wealth management services.